- BTC has dropped back to the $67,000 price level.
Some wallets took advantage of its fall in the previous trading session.
As a seasoned crypto investor, I’ve seen my fair share of market volatility and price swings in Bitcoin [BTC]. The recent drop back to the $67,000 price level was a double-edged sword. On one hand, it may have been disappointing for some traders who were hoping for further gains. However, I saw it as an opportunity to accumulate more BTC at a lower price.
The decrease in Bitcoin‘s [BTC] value could be disheartening for certain traders, but it opened up a prospect for others to capitalize on the situation.
As a crypto investor, I’ve noticed from AMBCrypto’s analysis that certain wallets have been amassing a substantial amount of Bitcoins while its value was experiencing turbulence over the last two days. Furthermore, there has been a persistent downward trend in the quantity of Bitcoin available on exchanges.
Bitcoin accumulation addresses swell
According to CryptoQuant’s analysis, as Bitcoin went through a correction in its pricing, large investors (whales) were actively purchasing the cryptocurrency. A significant amount of around 20,000 Bitcoins were added to their wallets during this timeframe.
As an analyst, I’ve examined the data on bitcoin (BTC) accumulation addresses and found an intriguing trend: During the timeframe when BTC’s price experienced a decline, there was a noticeable surge in inflows into these accumulation addresses. This observation suggests that strategic moves were being made by the owners of these addresses to take advantage of the market downturn and acquire more bitcoin at lower prices.
Some traders seized the opportunity presented by the lower prices to boost their stockpiles.
The amassed total came to more than $1.3 billion according to the assessment, with Bitcoin priced roughly at $67,000 during this period.
During the recent price drop, whales made notable purchases, as evidenced by this substantial buildup.
Bitcoin on exchanges declines further
As a researcher examining Bitcoin’s market dynamics, I discovered an intriguing trend. According to AMBCrypto’s analysis, the amount of Bitcoin being held in exchange wallets decreased while the process of accumulation, or stockpiling for future use, intensified.
As a researcher analyzing data from Santiment, I’ve noticed an intriguing finding: between the 10th of June and now, there has been a significant decrease in the amount of Bitcoin supply on exchanges. Specifically, on June 10th, the Bitcoin supply on exchanges was recorded at approximately 954,000.
At present, the quantity of Bitcoin (BTC) held on cryptocurrency exchanges has decreased to approximately 939,000 coins. Based on data from Santiment, this represents the smallest amount of BTC on exchanges since the year began.
This decline aligns with the accumulation trend and serves as a bullish signal.
The downward trend signifies that a smaller number of Bitcoin coins are being offered for purchase. This reduction in supply implies that a significant price drop within the immediate term is unlikely. Simultaneously, this trend underscores a robust conviction among Bitcoin holders regarding its potential price increase in the future.
BTC sees a brief rebound
An analysis by AMBCrypto of Bitcoin’s price movement on a daily basis revealed a minor bounce back towards the end of transactions on the 12th of June. According to the chart, Bitcoin experienced a rise of more than 1%, reaching approximately $68,248.
During the preceding trading day, the price reached a peak of around $70,000.
Read Bitcoin’s [BTC] Price Prediction 2024-25
From my perspective as an analyst, Bitcoin’s value has retreated significantly since my previous assessment, falling back into the $67,000 zone. At the time of this analysis, the cryptocurrency was being traded around $67,350, representing a decrease of approximately 1.3%.
For several days now, the price has stayed near its underlying support, which can be seen by the yellow line representing its short moving average. This support lies roughly between $66,000 and $65,000.
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2024-06-13 16:08